Why financial advisors should send professional invoices
As a financial advisor, you bring your experience, skill, and financial know-how to every client’s investment portfolio and financial goals.
You need an invoice that is flexible enough to capture all the services you provide, whether it be investment advice, financial planning, or insurance products – while ensuring your charges are completely transparent in accordance with federal and state laws, as well as your professional organization.
That means you need professional, well-organized invoices that include all the pertinent details, while still being easy-to-understand. A well-designed invoice also reflects on your image and expertise, and helps create confidence and trust in your skills as a financial advisor.
Once you've downloaded your free invoice template, you'll need to customize it to fit your specific business. Here are the 10 key things to include on your invoice:
- Title and Description: Name the project and briefly describe what type of work your client is being invoiced for.
- Company Details: Add your company name, address, phone number, and logo to the top-right corner.
- Customer Details: Under "Bill To", add your customer's name, address, and contact information.
- Invoice Number: Include a unique invoice number to help you track down this invoice in the future. You can format this based on sequence and customer. For example, if you're sending your very first customer their first invoice, the invoice number could be 001-001.
- Dates: Include the date when your invoice has been issued and the date when payment is due.
- Line Item: Add individual line items for each unique good or service you provided. For each line item, include a brief description, quantity, individual unit price, and total price.
- Subtotal: Add up the subtotal of your goods or services, before tax has been applied.
- Tax: Indicate the tax rate applied to the subtotal. This is legally required to provide on invoices, and your rate may differ depending on where you run your business.
- Total: Outline the total amount due from the customer, after tax.
- Notes: Include any additional info your customer should know, including terms of service and payment terms (for example, payments are due 30 days after the invoice has been issued).
- Browse through our wide selection of specially designed financial advisor invoice templates in different styles and colors, and pick the one you like in the format you use – Word, Excel, PDF, Google Docs, or Google Sheets
- Download the invoice template. It’s easy to do and it’s free!
- Insert your financial advisor business name and contact information. If you provide specialized services, like estate planning – mention it here where people will notice
- Insert your financial advisor business logo – along with your website, and your professional designations
- Add in your client’s name and contact information
- Generate a unique invoice number and add it to the template
- Include the date of the invoice, along with the payment due date
- List the financial services you provided, with descriptions and fees. If you are charging for investment services, clearly explain if you are taking funds directly from your client’s investment account, and include any formulas you use to calculate fees
- The invoice format is easily customized to include all the details for each client
- If you are including a discount for your services, add a line explaining the discount so your client knows they’ve received a special rate
- Calculate your total fees, including applicable tax, and enter the total
- Include your payment terms, such as your accepted methods of payment
- Add a personal note at the end to thank your client for their continued business and for entrusting their financial affairs to you
- Save the invoice, and send it off to your client!
When is the right time to send an invoice as a financial advisor?
The right time to send an invoice depends on the financial services you provide. If you are competing a tax return or some other once a year service, most financial advisors invoice directly after completion.
If you provide year-round services, such as managing an investment account, you will want to invoice monthly, or at another appropriate time period, to keep the revenue flowing in.
Whatever payment cadence you choose, make sure it’s clearly noted on each invoice, and clarify what portion of the final ‘cost’ has been paid to date.